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ONGC jumps on inking contract to hire drilling rig

Oil & Natural Gas Corporation Ltd. | Oil Exploration | Oil & Gas | BSE: 500312 | NSE: ONGC

19 Jun 2013 Evaluate

ONGC is currently trading at Rs. 310.80, up by 2.85 points or 0.93% from its previous closing of Rs. 307.95 on the BSE.

The scrip opened at Rs. 307.00 and has touched a high and low of Rs. 310.05 and Rs. 302.15 respectively. So far 3, 26,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 354.10 on 18-Jan-2013 and a 52 week low of Rs. 248.75 on 27-Nov-2012.

Last one week high and low of the scrip stood at Rs. 315.15 and Rs. 305.35 respectively. The current market cap of the company is Rs. 2,65,904 crore.

The promoters holding in the company stood at 69.23%, while Institutions and Non-Institutions held 17.09% and 13.68% respectively.

Oil and Natural Gas Corporation (ONGC) has inked a contract to hire a long-idled ultra- deepwater drillship of US-based Transocean for $ 412,000 amounting to Rs 2.39 crore per day. The company has hired ‘GSF Explorer’ drilling rig for one year beginning July. GSF Explorer was built in 1972 and upgraded in 1998, is capable of drilling up to 30,000 feet in water depths of up to 7,800 feet.

ONGC hired drillship GSF Explorer after recently cancelling a deal with a rival driller. A contract to hire the rig was signed on May 24 ending months of re-tendering and negotiations between ONGC and Transocean.

In an initial tender floated by ONGC for hiring an ultra-deepwater rig last year Transocean had emerged as the sole bidder and offered a two-year contract at $ 601,000 per day, which ONGC felt was too high. ONGC re-floated the tender and ultimately selected Russian player Arktikmorneftegazrazvedka, the lowest bidder, which offered the drillship Deep Venture for two years at $ 399,000 per day. But the deal fell through because the Russian player did not submit performance bank guarantee and did not mobilize the rig on time.

ONGC Share Price

283.95 1.20 (0.42%)

17-Apr-2026 16:59 View Price Chart

Peers

Company Name	CMP
ONGC	283.95
Oil India	470.10
Jindal Drilling&Inds	540.15
Deep Industries	476.90
Asian Energy Service	306.05
View more..

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ONGC jumps on inking contract to hire drilling rig

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